May 01, 2024 18:05 GMT
Americas Daily Oil Summary: TMX Readies
OIL
The Canada Energy Regulator (CER) approved the final permits for the Trans Mountain Pipeline extension on Tuesday – opening the way for it to begin operating.
- Trans Mountain said in a press statement that the expanded pipeline is 70% full by volume.
- Logistical constraints are set to limit exports from Canada’s soon to start TMX pipeline according to analysts and shipbrokers.
- An oversupply of Aframax tankers on the west coast of the Americas in anticipation of the TMX pipeline startup pressed Vancouver loading rates to a six-month low towards the end of April according to Argus reports.
- US Crude stocks built driven by a large drop in US exports combined with an unexpected decline in refinery runs in the week.
- Exports crude from the US hit a 2024 year-to-date monthly low in April as refinery maintenance in Europe peaked, according to Bloomberg.
- Marathon Petroleum is positioned to run near full utilisation this summer with Q2 rates for its refineries projected to average 94%, according to the CEO in the Q1 earnings call.
- Guyana’s oil exports were stable on the month in April at 633k b/d, according to Bloomberg,
- USD: The Bloomberg dollar spot index is currently down around 0.20% on the day.
- The FOMC held rates steady, citing a lack of progress on inflation.
- US manufacturing contracted in April after briefly expanding in March. The ISM manufacturing index missed in April, falling to 49.2 (cons 50.0), while the S&P Global US manufacturing PMI was 50.0 (prelim and cons 49.9) in April.
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